The Italian government is planning to block the issuing of about 36 permits to look for oil and gas as part of plans to cut the country's carbon footprint, the industry ministry said Jan. 9.
In a statement, the ministry said upstream oil and gas activity in Italy was not of strategic importance for the country.
Some industry experts say Italy is sitting on some of the biggest reserves in Europe, but red tape has scuppered exploration for years.
Italy's domestic gas production accounts for only 7.5% of its needs while its oil production is around 7.3% of demand.
The ruling coalition of populist 5-Star Movement and right-wing League want to boost the role of renewable energy in Italy's energy mix rather than explore for oil and gas.
It plans to phase out coal power production by 2025 and has set a target of having 30% of domestic energy consumption generated from green sources by 2030.
Long-term, it is looking to phase out fossil fuels by 2050.
"The issuance of about 36 permits currently pending, including three permits already issued in the Ionian Sea, will be halted," the ministry's energy undersecretary Davide Crippa said in a statement.
The measures will be included in an amendment to legislation that will be discussed in parliament in coming days, the ministry said.
The agreement with Ørsted could include a large-scale wind energy, electrolysis and synthetic gas-via-methanation co-development in western Wyoming where Williams owns significant land area and natural gas infrastructure.
When Oil and Gas Investor launched 40 years ago during the summer of 1981, it was the first industry publication to focus on the financial aspect of exploring for hydrocarbons versus the technical side. To celebrate those four decades of conversations we’ve had with myriad industry executives, we reached out to a number of them for their thoughts on the industry’s past, present and future.
Rock Creek Resources LLC retained BOK Financial Securities for the sale of certain Wyoming properties covering nearly 14,000 net acres (100% HBP).